Education Above All Foundation and Tanmeyah partner to combat youth unemployment in Egypt
Egypt's labour market faces significant challenges, with youth unemployment rates remaining high despite government efforts to create 800,000 new jobs annually. Recognising the crucial role of the said enterprises in fostering economic growth, comprising 98% of private businesses, the Youth Self-Employment Initiative aims to bridge the existing financial gap by enhancing financial access and business sustainability for young entrepreneurs.
A key component of the initiative is the introduction of a 'Partial Loss Credit Guarantee Facility', designed to reduce lending risks and expand financing opportunities to underbanked young entrepreneurs. As a result, the number of active youth beneficiaries is projected to grow to 305,000 by the project's completion.
To promote sustainability, a specialised green financing product will support businesses in agriculture and renewable energy sectors. Additionally, mobile branches will extend financial services to rural and remote areas, fostering greater financial inclusion. The initiative will also provide financial literacy training through personalised education sessions and digital outreach, equipping youth with essential financial management skills to improve business sustainability and success rates.
Hassan Al Mulla, Executive Director of the Silatech programme at Education Above All Foundation emphasized the initiative's transformative potential, saying, 'At Silatech programme, we believe that empowering youth is the cornerstone of prosperous societies. Through this initiative in Egypt, we aim to foster an enabling economic environment that equips young people to overcome challenges and realize their ambitions by improving access to finance and entrepreneurial training. Our vision is to support a new generation of Egyptian entrepreneurs capable of driving economic growth and advancing sustainable development across their nation.'
Jinu Johnson, CEO and Managing Director of Tanmeyah, commented, 'At Tanmeyah, we are committed to driving economic growth and fostering entrepreneurship among Egypt's youth. This initiative is a testament to our dedication to providing essential financial services and support to young entrepreneurs, enabling them to build sustainable businesses and contribute to the nation's economic development. By leveraging our expertise and resources, we aim to create lasting impact and empower the next generation of leaders.'
Aligned with Egypt's Vision 2030, the Youth Self-Employment Initiative supports national efforts to reduce youth unemployment and promote economic diversification. By integrating green finance solutions, the initiative also contributes to Egypt's climate action goals by encouraging environmentally responsible business practices.
Through this strategic partnership, the EAA Foundation's Silatech programme and Tanmeyah reaffirmed their commitment to creating long-term economic opportunities for Egypt's youth, empowering them with the skills and financial tools necessary to build sustainable livelihoods and drive the nation's economic growth.
For media inquiries, please contact:
Mohamed Al-Amri
Senior Media Relations Specialist
msalih@eaa.org.qa
Patience Rusare
Senior Media Specialist
parusare@eaa.org.qa
About the Education Above All (EAA) Foundation:
The Education Above All (EAA) Foundation is a global foundation established in 2012 by Her Highness Sheikha Moza bint Nasser. EAA Foundation aims to transform lives through education and employment opportunities. We believe that education is the single most effective means of reducing poverty, creating peaceful and just societies, unlocking the full potential of every child and youth, and creating the right conditions to achieve Sustainable Development Goals (SDGs).
Through our multi-sectoral approach, unique financing models, focus on innovation as a tool for social good, and partnerships, we aim to bring hope and real opportunities to the lives of marginalised children and youth. EAA Foundation is comprised of the following programmes: Educate A Child (EAC), Al Fakhoora, Reach Out To All (ROTA), Protect Education in Insecurity and Conflict (PEIC), Innovation Development (ID), Silatech and Together project.
Abou t Tanmeyah:
Tanmeyah is one of Egypt's leading providers of innovative and integrated financial solutions for small business owners and entrepreneurs. Founded in 2009 and acquired by EFG Holding in 2016, Tanmeyah offers a comprehensive range of products and services specifically designed to empower entrepreneurs and small business owners in underserved areas and communities across Egypt. These include financing solutions, insurance services, and digital payment tools, delivered through its extensive branch network and digital platforms, and in collaboration with strategic partners—enabling clients to grow and manage their businesses effectively.
This is rooted in the company's role in supporting the local economy, combat poverty, raise financial literacy, and elevate the well-being of underserved communities
Through ongoing digital transformation and the promotion of cashless transactions, Tanmeyah also contributes to reducing carbon emissions and enhancing financial inclusion.
Since its inception, Tanmeyah has issued nearly 3 million financing facilities for projects of various sizes and sectors. The company currently operates over 354 branches across 25 Egyptian governorates, serving more than 50,000 new clients each month, and supported by a near 6,000 employees.
For more information, please visit: www.tanmeyah.com
For further information, please contact:
May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
melgammal@efghldg.com
Omar Salama
Associate Director of Communications of EFG Holding
osalama@efghldg.com
The EFG Holding Public Relations Team
PublicRelations@efghldg.com
Tanmeyah Corporate Communications Team
Corpmarketing@tanmeyah.com
Note on Forward-Looking Statements
In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding's belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management's control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations, and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
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